Large furniture retailer closing stores without bankruptcy

Industry Overview - The furniture industry is experiencing a significant decline in sales, reversing the spike seen during the Covid pandemic, with current trends resembling the downturn during the 2008 financial crisis [1][2] - Consumers are exhibiting caution in spending on larger purchases, impacting demand for furniture and other bulky products [2][3] Consumer Behavior - A McKinsey report indicates that shoppers are approaching the holiday season with practicality, adjusting budgets and habits, and planning to reduce discretionary spending [4] - Many consumers are starting their holiday shopping earlier, focusing more on essential items rather than luxury or semi-discretionary purchases [4] Company Actions - Several furniture chains are responding to the downturn by closing locations or filing for Chapter 11 bankruptcy, with American Signature Furniture being the latest to close multiple stores [5][6] - American Signature Furniture is closing four stores in the Nashville area as part of a strategy to realign its market presence and strengthen operations in more profitable regions [6] - The company is conducting store closing sales, offering discounts of 20-40% on various home furnishings [8]